Smart Hearing Aids Market

Global Smart Hearings Aids Market Analysis by Product type (In the Ear Hearing Aids, Receiver in the Ear Hearing Aids, Behind the Ear Hearing Aids, and Canal Hearing Aids); by Patient type (Adult, and Pediatric); by Technology Type (Analog, and Digital); and by Type of Hearing Loss (Sensorineural Hear Loss, and Conductive Hear Loss) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033 In the News

Buy Now
Report ID: 597 | Published On: Nov 12, 2022
  1. Introduction
    • Market Definition
    • Market Segmentation
    • Product Overview
  2. Assumptions and Acronyms
  3. Research Methodology
  4. Research Process
    • Primary Research
    • Manufacturers
    • Distributors
    • End Users
    • Secondary Research
    • Market Size Estimation
  5. Executive Summary - Global Advanced Therapy Medicinal Products Market
  6. Analysis of Market Dynamics
  7. Drivers
  8. Trends
  9. Key Market Opportunities for Business Growth
  10. Major Roadblocks for the Market Growth
  11. Regulatory & Standard Landscape
  12. Value Chain Analysis
  13. Potential ATMP Treatment Analysis
  14. Pricing Analysis of Global Advanced Therapy Medicinal Products Market
  15. Use Case Analysis
  16. Pipeline Analysis
  17. Analysis on the Manufacturing Process
  18. Analysis of COVID-19 Impact on the Global Advanced Therapy Medicinal Products Market
  19. Analysis of End-User Market Share of Global Advanced Therapy Medicinal Products
  20. Competitive Positioning
  21. Competitive Landscape
  22. Market Share Analysis of Major Players (%), 2021
  23. Competitive Benchmarking
  24. Novartis AG.
  25. Takeda Pharmaceutical Company Limited
  26. Gilead Sciences, Inc.
  27. Bluebird Bio, Inc
  28. BioMarin Pharmaceutical Inc
  29. Vericel Corporation
  30. Mallinckrodt Pharmaceuticals
  31. UniQure N.V.
  32. JCR Pharmaceuticals Co., Ltd.
  33. Spark Therapeutics, Inc. (Parent Company: Roche)
  34. Kolon TissueGene, Inc.
  35. Global Advanced Therapy Medicinal Products Market Outlook
  36. By Value (USD million)
  37. By Product
  38. CAR-T Therapy, 2021-2031F (USD million)
  39. Gene Therapy, 2021-2031F (USD million)
  40. Cell Therapy, 2021-2031F (USD million)
  41. Tissue Engineered Product, 2021-2031F (USD million)
  42. By Disease
  43. Oncology, 2021-2031F (USD million)
  44. Genetic Disorders, 2021-2031F (USD million)
  45. CNS, 2021-2031F (USD million)
  46. Dermatology, 2021-2031F (USD million)
  47. Others, 2021-2031F (USD million)
  48. By End-User
  49. Hospitals & Clinics, 2021-2031F (USD million)
  50. Research & Academic Institutes, 2021-2031F (USD million)
  51. Global Advanced Therapy Medicinal Products Market by Region
  52. North America, 2021-2031F (USD million)
  53. Europe, 2021-2031F (USD million)
  54. Asia-Pacific, 2021-2031F (USD million)
  55. Latin America, 2021-2031F (USD million)
  56. Middle East & Africa, 2021-2031F (USD million)
  57. North America Advanced Therapy Medicinal Products Market Outlook
  58. By Value (USD million)
  59. By Product
  60. CAR-T Therapy, 2021-2031F (USD million
  61. Gene Therapy, 2021-2031F (USD million)
  62. Cell Therapy, 2021-2031F (USD million)
  63. Tissue Engineered Product, 2021-2031F (USD million)
  64. By Disease
  65. Oncology, 2021-2031F (USD million)
  66. Genetic Disorders, 2021-2031F (USD million)
  67. CNS, 2021-2031F (USD million)
  68. Dermatology, 2021-2031F (USD million)
  69. Others, 2021-2031F (USD million)
  70. By End-User
  71. Hospitals & Clinics, 2021-2031F (USD million)
  72. Research & Academic Institutes, 2021-2031F (USD million)
  73. By Country
  74. US, 2021-2031F (USD million)
  75. Canada, 2021-2031F (USD million)
  76. Europe Advanced Therapy Medicinal Products Market Outlook
  77. By Product
  78. By Disease
  79. By End User
  80. By Country
  81. UK, 2021-2031F (USD Million)
  82. Germany, 2021-2031F (USD Million)
  83. France, 2021-2031F (USD Million)
  84. Italy, 2021-2031F (USD Million)
  85. Spain, 2021-2031F (USD Million)
  86. Russia, 2021-2031F (USD Million)
  87. Netherlands, 2021-2031F (USD Million)
  88. Rest of Europe, 2021-2031F (USD Million)
  89. Asia Pacific Advanced Therapy Medicinal Products Market Outlook
  90. By Product
  91. By Disease
  92. By End User
  93. By Country
  94. China, 2021-2031F (USD Million)
  95. India, 2021-2031F (USD Million)
  96. Japan, 2021-2031F (USD Million)
  97. South Korea, 2021-2031F (USD Million)
  98. Singapore, 2021-2031F (USD Million)
  99. Australia, 2021-2031F (USD Million)
  100. Rest of Asia-Pacific, 2021-2031F (USD Million)
  101. Latin America Advanced Therapy Medicinal Products Market Outlook
  102. By Product
  103. By Disease
  104. By End User
  105. By Country
  106. Brazil, 2021-2031F (USD Million)
  107. Argentina, 2021-2031F (USD Million)
  108. Mexico, 2021-2031F (USD Million)
  109. Rest of Latin America, 2021-2031F (USD Million)
  110. Middle East & Africa Advanced Therapy Medicinal Products Market Outlook
  111. By Product
  112. By Disease
  113. By End User
  114. By Country
  115. GCC, 2021-2031F (USD Million)
  116. Israel, 2021-2031F (USD Million)
  117. South Africa, 2021-2031F (USD Million)
  118. Rest of Middle East & Africa, 2021-2031F (USD Million)

Preview Analysis

Request Insights
Inflation and Looming Recession to Haunt Businesses:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


In The News

  •  Starkey is proud to serve as the exclusive global supplier of hearing instruments for the Special Olympic Healthy Athletes. Starkey Cares and Special Olympics International partnership increases access to hearing health services worldwide for individuals with intellectual disabilities.

  •  Philips Hearlink users can now enjoy the ease of hands-free communication. Philip Hearlink hearing aids can now be used as a wireless headset for phone and video calls on iPhones and iPad.


Global Smart Hearing Aids Market Size, Forecast, Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~8%

Base Year Market Size (2022)

 ~ USD 10 Billion

Forecast Year Market Size (2033)

~ USD 24 Billion

 

The global smart hearing aids market is estimated to garner a revenue of USD 24 Billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 10 Billion in the year 2022. The growth of smart hearing aids market is primarily attributed to the increasing prevalence of hearing loss and technological advancements in hearing aid devices. According to World Health Organization (WHO), Over 5% of the world’s population, around 430 million people require rehabilitation to address their ‘disabling’ hearing loss (432 million adults and 34 million children). It is estimated that by 2050 over 700 million people will have disabling hearing loss.

smart hearing aid market overview image

Get more information on this report:Download Sample PDF

The smart hearing devices are designed to transmit sound from the environment into the ear by making it louder, helping deaf people. The global smart hearing aids market trends such as, a higher number of untreated hearing disabilities boosting the demand for hearing rehabilitation. According to World Health Organization, by 2050 nearly 2.5 billion people are projected to have some degree of hearing loss and at least 700 million will require hearing rehabilitation.

Global Smart Hearing Aids Market: Growth Drivers and Challenges

Growth Drivers

  • Growing prevalence of Hearing Loss – According to the National Institute on Deafness and Other Communication Disorders (NIDCD), about 2% of adults aged 45 to 54 have disabling hearing loss. The rate increases to 8.5% for adults aged 55 to 64. Nearly 25% of those aged 65 to 74 and 50 percent of those who are 75 and older have disabling hearing loss.

  • Increasing Geriatric Population with Significant Hearing Disability - By 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

  • Perforation of Personal Audio Devices -  It is estimated that more than 50% of the global population aged between 12 to 35 is going to be exposed to unsafe degrees of hearing loss on account of the higher utilization of personal audio devices.

  • Favorable Government Initiative – In October 2021, the FDA proposed a plan to establish a new type of low cost over the counter hearing aids. Government and regulatory support of this magnitude is expected to have a long - term beneficial impact for the hearing aids industry in the United States.

Challenges

  • Facing Manufacturing issues
  • Low Acceptance Rate of Hearing Aids
  • Lack of Awareness and the Skilled Medical Professionals

The global smart hearing aids market is segmented and analyzed for demand and supply by hearing loss into sensorineural hear loss and conductive hear loss, out of which, the sensorineural hear loss segment is attributed to garner the highest market share by 2033. Owing to the increasing geriatric population across the globe. According to the data published by NIDCD, approximately one in three people in the United States between the ages of 65 and 74 has hearing loss, and nearly half of those older than 75 have difficulty hearing.


Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

expenditure graph


Global Smart Hearing Aids Market Regional Synopsis

Regionally, the global smart hearing aids market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be attributed to the high incidence rate of hearing loss in the US and the increased adoption of hearing aids. According to the reports published by NIDCD, 1 in 8 people in the United States (13%) aged 12 years or older has hearing loss in both ears.

smart hearing aid market share image

Get more information on this report:Download Sample PDF

The global smart hearing aids market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


smart hearing aid market overview image
Get more information on this report: Request Sample PDF

Market Segmentation

Our in-depth analysis of the global smart hearing aids market includes the following segments:

      By Product Type

  • In the Ear Hearing Aids
  • Receiver in the Ear Hearing Aids
  • Behind the Ear Hearing Aids
  • Canal Hearing Aids

     By Type of Hearing Loss

  • Sensorineural Hearing Loss
  • Conductive Hearing Loss

     By Patient Type

  • Adults
  • Pediatrics

 

     By Technology Type

  • Analog
  • Digital


Top Featured Companies Dominating the Global Smart Hearing Aids Market

expenditure graph
Get more information on this report: Request Sample PDF

Top Featured Companies Dominating the Global Smart Hearing Aids Market

    • MED-EL Elektromedizinische Geräte GmbH

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Benson Medical Instruments
    • Sivantos private ltd.
    • William Demat Holding A/S
    • Sonova Holding AG
    • GN store Nord A/S
    • Starkey Laboratories, Inc.
    • Medtronic plc
    • Widex USA. Inc.
    • Sonic Corporation

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the smart hearing devices market?

Ans: Growing prevalence of hearing loss and incorporation of digital smart technologies are the major factors of the growth of the global smart hearing aids market.

2) What would be the CAGR of smart hearing devices market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the smart hearing devices market growth?

Ans: Low acceptance rate and manufacturing defect are determined to be affecting the market growth.

4) Which region will provide more business opportunities for growth of smart hearing devices market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the smart hearing devices market?

Ans: The major players in the market are MED-EL, Benson Hearing, Sivantos pvt. Ltd., William Demat Holdings A/S, Phonak, GN Store Nord A/S, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the smart hearing aids market?

Ans: The market is segmented by product type, technology type, type of hearing loss, patient type, and by region.

8) Which segment captures the largest market size in type of hearing loss in the smart hearing aids market?

Ans: The sensorineural hearing loss segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Let Us Hear About Your Requirements:

Submit Your Request For Proposal (RFP)

Submit RFP    Buy Now Download Research Report Sample